If the 'Cod wars' was a real battle, you would have found yourselves on the wrong end of 4.5" shells, let alone missiles and close in weapons ( in those days I suppose Marines with a GPMG ).
Ramming frigates with their hands tied behind their back, with little more than tug -boats, is not a 'war' and at least on our side we were very restrained -I was not involved myself but know someone who was, and his main job was damage control !
I don't doubt your President or whatever said nice things about Iceland; but what exactly do you contribute from there to Europe or the world ?
Lots of fish I suppose, ( let's ignore the over-fishing & dwindling stock ) as you have unreasonably large fishing grounds, but what else?
A test place for 'Top Gear' to try out daft cars.
Have you ever read 'Red Storm Rising' by Tom Clancy ?